Member governments voted Wednesday in favour of the European Union's plan to restrict steel imports.
This means that EU steel imports will face a ceiling until July 2021. European Union producers fear that steel products blocked from the U.S. market will pour into European markets.
The European Commission said Wednesday that EU Member States support its plan to implement safeguards, which will come into effect in early February.
The EU has adopted temporary safeguards for 23 imports of steel products in July last year, which expire on February 4.
The European Commission's plan includes setting import quotas: an average level of imports over the past three years, with an annual increase of 5%. Products exceeding the quota will be subject to a 25% tariff.
The EU has also set specific quotas for major exporters. The quota applies to a three-month period to limit hoarding, which can also be increased by 5% per year.
The countries exporting steel materials to the EU mainly include China, India, Russia, Korea, Turkey and Ukraine.
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